This quarterly economic forecast for the province of British Columbia examines the economic outlook for the province, including gross domestic product (GDP), output by industry and labour market conditions.
Provincial Outlook Economic Forecast: British Columbia—Summer 2017
Provincial Outlook Economic Forecast: British Columbia—Summer 2017
Provincial Economic Analysis
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- The province’s economy will expand by 2.7 per cent this year and 2.4 per cent in 2018.
- The decline in growth to below the 3.0 per cent mark is due mainly to the anticipated slowdown in the housing market.
- Housing starts, after increasing by more than 30 per cent in 2016, are expected to decline by 2.6 per cent this year and 11.2 per cent in 2018.
- The forestry industry has been negatively affected by the mountain pine beetle, U.S. import duties, and forest fires.
- Weak natural gas prices, as well as competition from the U.S. and Australia, led Petronas to cancel a major LNG project on the B.C. coast.
- The Kinder Morgan pipeline could also be in trouble due to fierce opposition from the new NDP government.
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